The American fashion label J. Crew has announced to close
down its 2 stores in Hong Kong.
The decision will also put a brake to retailer’s dreams of
leaving its mark in Asia, where now it will have its
presence only in Japan after a deal was signed with Itochu.
The retailer has posted notices on the doors of both the
Hong Kong stores – one at On Lan Street in Central and the
other at Times Square in Causeway Bay – wherein it has
advised shoppers about the closing of the stores.
In addition to the growing social unrest in Hong Kong all
through 2019, the Coronavirus scare
has massively hits the sales of the retailer in last few
J.Crew, which designs and sells menswear, womenswear and
kidswear, had ventured into Asia in 2014, but has struggled
to make its presence in the continent ever since.
Back in 2017, J.Crew had escaped bankruptcy after reaching
debt-for-equity swap arrangement with bondholders.